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We See The Problem, but What's the Answer?

Updated Feb. 26, 2008 12:01 a.m. ET

Martin Feldstein's "Our Economic Dilemma" (op-ed, Feb. 20) is correct in faulting the Federal Reserve for its failure to properly supervise the bank conglomerates that, either directly or indirectly, fueled the fires that have decimated financial markets in both this country and abroad. The response of regulators, and particularly the Fed, in the coming months will go a long way in determining whether a crisis of this kind can be avoided in the future.